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Chad O’Connor Of Marcus & Millichap Capital Corporation Secures $6 Million Refinance For Magnolia Terrace Apartments

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FINANCED
$6,000,000

California

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MultiFamily
Financed 11/13/2024
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Property Image
FINANCED

Chad O’Connor Of Marcus & Millichap Capital Corporation Secures $6 Million Refinance For Magnolia Terrace Apartments

9760 Marilla Drive

See Similar Deals
MultiFamily
Financed 11/13/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan

The transaction involves Magnolia Terrace Apartments, a multifamily property located at 9760 Marilla Drive, Lakeside, CA, comprising 54 units. The asset features amenities such as a fitness center and courtyard, enhancing its appeal for tenants.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $6,000,000
  • Loan Type: Refinance
  • Loan Terms: 10-year loan with a 5.39% fixed interest rate and 30-year amortization
  • Market: Lakeside
  • Broker: Chad O’Connor - Marcus & Millichap Capital Corporation

Chad O’Connor led the loan arrangement through Marcus & Millichap Capital Corporation, facilitating flexible prepayment terms for the refinancing deal related to the property.

Players

Chad O’Connor
Marcus & Millichap
Chad O’Connor
27 deals$267.3M volume
BROKER

Details

FINANCED
IMAGE: Chad O’Connor DATE: 11/13/2024 ADDRESS: 9760 Marilla Drive MARKET: Lakeside ASSET TYPE: Multifamily ~ UNITS: 54 BROKER: Chad O’Connor (@ChadOConnor5) - Marcus & Millichap Capital Corporation (@MMCapCorp) LOAN AMOUNT: $6,000,000 LOAN TYPE: Refinance LOAN TERMS: 10-year loan, interest rate with 30-years amortization NOTE: MMCC arranged a $6 million refinance loan for Magnolia Terrace Apartments, a 54-unit property in Lakeside, CA, securing a 10-year loan at a 5.39% fixed rate and 30-year amortization. The deal, led by Chad O’Connor, includes flexible prepayment terms, with the property offering amenities like a fitness center and courtyard.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,000,000.00

Monthly NOI$40,000.00
Monthly Debt Service$37,924.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00